Channing Capital Management LLC Takes $7.80 Million Position in State Street Corporation $STT

Key Points

• Channing Capital Management LLC has acquired a new stake in State Street Corporation, purchasing 87,068 shares valued at approximately $7.8 million.
• State Street's recent quarterly earnings show a net revenue increase of 2.9% year-over-year, with earnings per share reported at $2.53, exceeding analysts' expectations.
• The company announced a quarterly dividend increase to $0.84 per share, representing an annualized payout of 3.0% yield for investors.

Channing Capital Management LLC purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 87,068 shares of the asset manager's stock, valued at approximately $7,795,000.

A number of other large investors also recently modified their holdings of STT. First Pacific Financial bought a new position in shares of State Street in the 1st quarter valued at $25,000. Capital Analysts LLC lifted its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC lifted its stake in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after acquiring an additional 412 shares during the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Bank of America raised their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Evercore ISI raised their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Truist Financial raised their target price on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and an average price target of $112.82.

State Street Stock Performance

STT stock opened at $111.7460 on Thursday. The stock has a 50-day moving average price of $107.70 and a 200-day moving average price of $97.26. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $31.70 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.09 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the company posted $2.15 EPS. The business's quarterly revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 34.04%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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